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IMEACHTAÍ AN CHOISTE SPEISIALTA.PROCEEDINGS OF THE SPECIAL COMMITTEE.Dé Máirt, 2 Márta, 1976.Tuesday, 2nd March, 1976.1. The Committee met at 2.30 p.m. 2. Members Present. The following members were present:— Deputy Esmonde (in the Chair), the Minister for Finance, Deputies Paddy Belton, Edward Collins, de Valera, Maurice Dockrell, Charles Haughey and Kavanagh. 3. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Section 111. Amendment proposed (Minister for Finance): “In page 106, subsection (4), paragraph (a), line 52, after ‘amount’ to insert ‘of the assets’.” Amendment agreed to. Section, as amended, agreed to. (ii) Sections 112 to 115 inclusive, agreed to. (iii) Section 116. Amendment proposed (Minister for Finance): “In page 109, subsection (1), lines 8 and 9, to delete‘, or by section 27 of the Finance Act, 1974’ and to substitute ‘or section 17’.” Amendment agreed to. Section, as amended, agreed to. (iv) Sections 117 to 148 inclusive, agreed to. (v) Section 149. Amendment proposed (Minister for Finance): “In page 133, subsection (1), lines 56 and 57, to delete ‘section 27 (change of ownership in company: disallowance of trading losses),’ and to substitute ‘section 27 (change in ownership of company: disallowance of trading losses), section 73 (Shannon relief: delivery of statements).’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 134, subsection (2), line 10, after ‘section 27,’ to insert ‘73,’.” Amendment agreed to. Section, as amended, agreed to. (vi) Section 150 agreed to. (vii) Section 151. Amendment proposed (Minister for Finance): “In page 136, subsection (11) (b), line 45, after ‘shall’ to insert the following: ‘,notwithstanding the provisions of section 477 of the Income Tax Act, 1967,’.” Amendment agreed to. Section, as amended, agreed to. (viii) Section 152. Amendment proposed (Minister for Finance): “In page 137, subsection (2) (a), line 49, for ‘Any tax assessable in accordance with section 151’ to substitute the following: ‘Any tax payable in accordance with section 151 without the making of an assessment’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 137, after line 56, to insert the following additional subsection: ‘(3) In its application to any tax charged by any assessment to income tax in accordance with section 151, section 550 of the Income Tax Act, 1967, shall have effect with the omission of the proviso to subsection (1) and subsections (2) and (2A).’.” Amendment agreed to. Section, as amended, agreed to. (ix) Sections 153 to 161 inclusive, agreed to. (x) Section 162. Amendment proposed (Deputy de Valera): “In page 144, subsection (4), between lines 43 and 44 to insert a new paragraph as follows: ‘(c) a surcharge shall not be made on the company where it is shown to the satisfaction of the Revenue Commissioners that because of the current or future requirements of the company’s business the retention of the profits may be necessary or advisable for the maintenance and development of that business’.” Amendment, by leave, withdrawn. Amendment proposed (Minister for Finance): “In page 144, subsection (5), line 47, after ‘section 101’ to insert the following: ‘with the substitution in section 101 (2) of a reference to subsection (4) of this section for the reference to subsection (1) of that section’.” Amendment agreed to. Section, as amended, agreed to. (xi) Sections 163 to 168 inclusive, agreed to. (xii) New section. Amendment proposed (Minister for Finance): “In page 150, before section 169, to insert a new section as follows: ‘169.—Where, apart from this section, a company would be entitled to deductions in respect of— (a) interest under the provisions of paragraph 1 (2) of Part III of Schedule 6 to the Income Tax Act, 1967 (provisions for giving effect to agreements for avoidance of double taxation in the case of the United Kingdom), and (b) charges on income which are payments of interest to which the provisions of section 10 (6) apply, the aggregate amount of the deductions which may be made under those provisions shall not exceed the amount specified in section 10 (6).’.” Question:—“That the new section be there inserted”—put, and agreed to. (xiii) Section 169 deleted. (xiv) Section 170. Amendment proposed (Minister for Finance): “In pages 151 and 152, to delete subsections (9) and (10).” Amendment agreed to. Section, as amended, agreed to. (xv) Sections 171 and 172 agreed to. (xvi) Section 173. Amendment proposed (Minister for Finance): “In page 153, to delete subsection (7).” Amendment agreed to. Section, as amended, agreed to. (xvii) Sections 174 to 181 inclusive, agreed to. (xviii) Section 182. Amendment proposed (Minister for Finance): “In page 160, subsection (3), line 54, after ‘applying to’ to insert ‘that part of’ and after ‘amount’ to insert ‘in respect of which relief from tax has not been allowed’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 161, subsection (3), proviso, paragraph (a), line 2, to delete ‘relevant’.” Amendment agreed to. Section, as amended, agreed to. (xix) Section 183 agreed to. (xx) Section 184. Amendment proposed (Minister for Finance): “In page 162, subsection (3), line 45, before ‘and’, to insert ‘in respect of which relief has not been allowed’.” Amendment agreed to. Section, as amended, agreed to. (xxi) Sections 185 to 188 inclusive, agreed to. (xxii) First Schedule agreed to. (xxiii) Second Schedule. Amendment proposed (Minister for Finance): “In page 239, paragraph 38, lines 43 and 44, to delete ‘section 221 of the Income Tax Act, 1967’ and to substitute ‘section 30 of the Corporation Tax Act, 1976’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 229, Part I after paragraph 12, line 44, to insert the following new paragraphs: ‘—. In section 333 (1) (b) of the Income Tax Act, 1967— (1) after “shares of annuities,”“and”shall be deleted; and (2) after “other annual payment” there shall be inserted “, and from income tax chargeable under Schedule F in respect of any distribution”. —. In section 335 (1) of the Idcome Tax Act, 1967, “Schedules C and D” shall be deleted, and there shall be inserted “Schedules C, D and F”. —. In section 336 of the Income Tax Act, 1967, “Schedules C and D” shall be deleted, and there shall be inserted “Schedules C, D and F”. —. In section 337 (2) of the Income Tax Act, 1967, “Schedules C and D” shall be deleted and there shall be inserted “Schedules C, D and F”.’.” Amendment agreed to. Schedule, as amended, agreed to. (xxiv) Third Schedule. Amendment proposed (Minister for Finance): “In page 245, in column (3), to delete ‘In section 76 (2), the word “or” at the end of subparagraph (a); subparagraph (b).’ and to substitute ‘In section 76 (2), the word “or” at the end of paragraph (a); paragraph (b).’ ” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 246, in column (3), between ‘Section 219 (2)’ and ‘Section 221.’ to insert ‘Section 220 (6).’.” Amendment agreed to. Schedule as amended, agreed to. (xxv) Fourth Schedule agreed to. (xxvi) Fifth Schedule. Amendment proposed (Minister for Finance): “In page 255, paragraph 1, subparagraph (3), line 10, after ‘in subparagraph (2) (b) are’ to insert ‘payments of’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 256, paragraph 2, subparagraph (2), line 41, to delete ‘aggregate amount of the income’ and to substitute ‘amount of the total income (including franked investment income, dividends paid by any body corporate and income which under any provision of the Tax Acts is exempt from any tax or is disregarded for the purposes of any tax or is deemed not to be income)’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 256, paragraph 2, subparagraph (2), lines 42 and 43, to delete ‘aggregate amount of the income’ and to substitute ‘amount of the total income (computed in like manner)’.” Amendment agreed to. Schedule as amended agreed to. (xxvii) Title agreed to. 4. Report of Committee. The Chairman brought forward a Draft Report which was read as follows:— “The Special Committee has considered the Bill and has made amendments thereunto. The Bill, as amended, is reported to the Dáil.” Draft Report agreed to. Ordered: To report accordingly. 5. Conclusion of Business. The Committee concluded its business at 6 p.m. |
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